Julie Palmer and Marco Piacquadio of Begbies Traynor were appointed as liquidators of the Gloucestershire business by its members and creditors on 10 September.

The firm, which operated from leased premises on Cirencester’s Love Lane Industrial Estate, had ceased trading on 23 August. Work in progress was stopped immediately and all seven of its staff, including its directors, were made redundant.

Palmer told Printweek the business had experienced a decline in turnover and increasing costs.

She added “a small number of unencumbered assets” are being sold by Eddisons, while Heidelberg machinery that was subject to a fixed charge has been recovered by the finance company.

The company’s secured claims were £55,000 while unsecured claims totalled £112,349 according to Palmer, who added there was “no likelihood of a dividend to unsecured creditors”.

She said the firm’s turnover at the time of closure was “uncertain”.